Maharashtra Real Estate Authority Makes Strides: 4,000 Stalled Projects Completed

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    “Maharashtra Real Estate Regulatory Authority (MahaRERA) has successfully completed 4,000 stalled projects out of 7,000 in Maharashtra, tackling delays and pushing forward with real estate development”

    The Maharashtra Real Estate Regulatory Authority (MahaRERA) has shared with the RERA subcommittee that 4,000 out of 7,000 stalled projects in Maharashtra have been completed over the past year. These projects were referred to self-regulatory organizations (SROs) of real estate developers for completion.

    What is SRO?

    SRO stands for self-regulatory organizations. In this context, SROs are created by MahaRERA, where representatives of real estate developers’ associations work together to make policies, handle disputes between homebuyers and developers, and push forward stalled projects.

    According to MahaRERA, around 15 percent of the projects showed no progress, leading to the initiation of the deregistration process for these projects.

    The focus of MahaRERA is on completing 30 percent of the projects where 70 percent of the work has already been done. This has led to many projects receiving extensions, and upon completion, they have applied for occupation certificates or commencement certificates.

    What is a stalled project?

    A stalled project is one that has not been completed within the given timeline by the developer. If the developer fails to complete the project or apply for an extension within the specified time frame, the project is considered stalled.

    Most stalled projects are from before 2017, according to MahaRERA. Forensic audits have been conducted for these cases, particularly those showing discrepancies between the amount spent and the progress made. Cases with significant mismatches have been referred to the Economic Offences Wing (EOW) by MahaRERA.

    Also read: BHIVE Launches Exclusive for Retail Investors in Bengaluru’s Booming Commercial Real Estate Market

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